First time passes are talked about here in a testosterone-charged manner. I have yet to ask that question when interviewing a pilot and I have never been asked it during a long career in aviation. My answer would be 'Does it matter now? I have a full licence and satisfy your criteria'. 30 odd years ago I took up the wrong hold at Jersey and failed my initial IR. 15 minutes later another examination fee was paid, we were soon airborne, into the hold correctly and then returning home via airways with an IR.
We all have off-days when under pressure of examination and I would defy anyone to say they can't be 'cracked' by pressure. I have been on sim rides with highly experienced pilots who have screwed up an EFATO and had another go and carried on flying the line. Examiners can always vary the pressure but you should always remember they are there to pass you. Unfortunately it is a bit more cut and dried during your initial.
If you really want to enter the commercial industry then go for it but, from your comments, you know the parlous state it is in.
HWB